Does a cram down age requirement start from day of purchase or day of last loan?

[optimistic1]

I also had an attorney tell me today, that the cram down requirement, the 910 day rule, starts from the last loan date, not the original purchase date. He stated that the bk CODE explicitly states that.

Does anyone have any data on this subject?

Is that true?

[HHM]

Yep, the timeline counts from the loan inception date. Thus, if you refi'd, the 910 rule applies from the date you refi'd, not the original purchase date. (note, there are some definitional issues as to what counts as PMSI).

[optimistic1]

This PMSI issue, is this district specific?

[HHM]

This PMSI issue, is this district specific?

Not really. But in what sense are you thinking it might be district specific.

[optimistic1]

Please explain PMSI, if I think it is what I think it is.

[HHM]

PMSI is purchase money security interest which simply means the money loaned to you to actually buy the asset.

Anticipating your next question...YES, a refinance counts if the refinanced loaned you money to pay off your PMIS. However, title loans would not count as PMSI (but title loans rarely exceed the value of the vehicle so its a moot point).

Now, you can sometimes separate out the claim. i.e. if some of the total purchase price of the car included extended warranty, service plan, or negative equity from a trade in, those amounts can be stripped out of the principle not withstanding the 910 rule (however, that little tool can be district specific).